As you know i am new to this but as I look at this picture I see the edge is real close to the engraving my question is there still enough metal left to hone for many years to come?
A good 3/16" of steel exists between the current edge closest to any engraving. Unless the new owner is heavy-handed, using a 300grit stone, and hones it every Tuesday—I anticipate theres a long life with many shaves still to come from this razor before the edge begins to encroach upon the blade engraving.
A regrind would certainly bring new life to that broad face! I would anticipate a good amount of pitting beneath those three dense rust patches. Let's just say I wouldn't want to have to hand-sand it!
That'll clean up some of the dullness & grime, but wont impact the rusty buildup on the tough spots. At the very least, after a good Mother's rubdown, you'll see the areas in need of more serious attention.
Depends how far you want to go. Just clean it up and use it? I'd hit it with 320 to knock down any scaling or rust, spend 20-30 minutes with some mother's and see what I get. That might be good enough to serve your needs. But I think you'll find a good bit of pitting on the blade. The Mother's should take care of any rust in there, so you'll have to decide if you can live with the pitting or not. If not, you've got a lot more work ahead. My 2 cents.
As Mike said, it depends on how far you wish to take it. For heavy, heavy rust, a lower grit (85-100) will remove it considerably faster than 320, 400 or 600. I took this one (shown below in its original state) from 100grit > up to 2000 grit...most time is spent in the lower grits. Once you get pass 600, things go much more quickly. post-2000grit; ready for polishing....
11/16 is just over 6/8 the measuring tape is showing 17/16 which is more than a inch? in another question you are asking is this more than a 8/8 yes it is and 11/16 is nowhere near an inch. look at the tape now count the increments there are 16 increments in one inch the tape next to the blade is showing 17 of them, and the opposite side of the tape is showing 32 of an inch increments which makes the blade 35 increments of an inch.
Well this why to save any confusion we say 17/16 and everybody instantly knows exactly what you mean.